All series B investors participated in the financing and included; Domain Associates, Ventures West, Quaker BioVentures, TL Ventures, GrowthWorks Capital, and BDC Capital.
The proceeds will be used to fund Phase II studies of CPX-351, a liposomal formulation of cytarabine: daunorubicin in patients with acute myeloid leukemia.
The company expects to start enrolling patients in a Phase II study of CPX-351 in newly diagnosed, elderly patients with AML before the end of 2008. Celator will continue to develop other CombiPlex products from its pipeline alone or in collaborations with pharmaceutical partners.
Scott Jackson, CEO of Celator, said: “These funds will allow us to conduct additional clinical trials and generate data that we believe will enable strategic partnerships with leading biotech and pharmaceutical companies.”